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Tax Credit for home-buyers.
We'd like to update you on the latest news regarding the American Recovery and Reinvestment Act signed into law by President Obama.
You could be eligible for up to $8,000 (tax credit) in your filing for 2008 or 2009 taxes, when you purchase a home between January 1, 2009 and December 1, 2009. The good news is that this credit does not have to be repaid.
In order to qualify, you must meet the following criteria :
- You must not have purchased a home within the last 3 years
- The home purchased must be your primary residence
- your annual income must be under $150,000 (for married) or $75,000 (single).
- You must also live in the home for 3 years (after purchasing) or else you could be obligated to pay the credit back.
- Please read additional requirements on the IRS Website
- www.money.cnn.com also posted a informative article describing in detail, how the credit works.
This new law does not cancel the previous $7,500 credit, which is still in effect for home's purchased in 2008.
For even more information, refer to these handy PDF documents. They are everything you need in order to understand and become and expert on the "1st Time Home Buyer Tax Credit". As with any tax law change, check with a tax advisor if there are any questions regarding using this provision.
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